Why Is Venture Development Important?
Venture-backed firms now account for a significant portion of current jobs in the U.S. economy.
- Employees from venture-backed companies represent 9 percent of all private sector U.S. employment and the revenues from venture-backed companies represent 17.6 percent of U.S. GDP
- U.S. companies that received venture capital resources from 1970-2006 now account for 10.4 million jobs and $2.3 trillion in revenue in the U.S. economy
- Venture-backed companies also grow much faster (revenues and employees) versus non venture-backed companies (11.8 percent versus 6.5 percent in revenues and 3.6 percent versus 1.4 percent in employment between 2003 and 2006)
As a result of these existing and on-going trends, the economy of communities that do not have a significant set of venture-backed firms will suffer on a competitive peer basis when evaluating economics such as job growth and per-capita income.
Read more about this topic: Venture Development
Famous quotes containing the words venture and/or development:
“Creativity seems to emerge from multiple experiences, coupled with a well-supported development of personal resources, including a sense of freedom to venture beyond the known.”
—Loris Malaguzzi (20th century)
“Information about child development enhances parents’ capacity to respond appropriately to their children. Informed parents are better equipped to problem-solve, more confident of their decisions, and more likely to respond sensitively to their children’s developmental needs.”
—L. P. Wandersman (20th century)